Top 5: Oregon home prices down, property taxes up

Your top 5 real estate stories for Monday. Sorry for the late posting. Had some things to take care of this morning.

Got a story tip? ryanfrank@news.oregonian.com; 503-221-8519.

1. Oregon home prices down, property taxes up: As you watched your home value plummet in this recession, at least you could look forward to a property tax break, right? Wrong. Jim Mayer reports on how Oregon’s screwy tax system – put in place by voter-approved measures – tamps down property taxes in boom times and inflates them in recessions.

2. High-priced plans for high-rises: I wrote today in more detail in today's paper about South Waterfront’s $66 million road project and the implications.

3. More Atwater Place units hit market: The guys calling the shots at Atwater Place have released 18 units back onto the market.

9-26-09 Atwater Place Release Price List.docThey’re obviously looking to capitalize on the interest and leads cultivated by their auction last weekend. The pricing, at first glance, seems pretty aggressive compared to the prices set at the auction. The units are priced at $344 per square foot on average. That’s 15 percent higher than the per square foot average set by the auction pricing, according to the quick numbers I ran here
090928.atwater.sales.releases.xls That number would fluctuate based on the units they chose to release. So you should do your own math. But that’s what I got.

4. Oregon foreclosure law changes today: Foreclosure notices sent out after today must include new information to help borrowers. Senate Bill 628, passed in this year’s legislative sessions, requires lenders to meet with borrowers facing foreclosure by phone or in person to see if they can qualify for a loan modification. As mentioned here last week, a national consumer group criticized Oregon’s law as too weak. And a reminder, anyone in trouble on their mortgage can call 1-800-SAFENE to be referred to a nonprofit foreclosure counselor.